Union Budget 2023-24: Firm on prudence, high on feel-good factor

Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget for 2023-24, which is expected to serve as the last full Budget of Prime Minister Narendra Modi’s second term in office. The Budget, which Sitharaman labelled the first in “Amrit Kaal”, did not vary in its essentials from the growth model that has defined Modi’s second term: bulking up capital expenditure, especially on transport-related infrastructure, while maintaining macroeconomic stability though relative fiscal restraint. 

With some unexpected room being granted to her after nominal growth rates and tax collections were boosted by inflation, the finance minister announced that the fiscal deficit